FX.co ★ TSX Poised to Set Record High

The S&P/TSX Composite Index climbed approximately 0.2% on Thursday, surpassing the 31,500 threshold for the first time. This rise was primarily driven by gains in the mining sector, which counterbalanced a broader market caution stemming from renewed concerns about overstretched technology valuations. These concerns overshadowed both the widely anticipated Bank of Canada (BoC) decision to maintain its interest rate and the Federal Reserve's decision to cut rates. Notable performers included major mining companies such as Agnico Eagle, Barrick Mining, and Wheaton Precious Metals, each posting gains exceeding 1%. Additionally, smaller mining firms like Pan American Silver, First Majestic Silver, and New Gold led the index with increases between 3% and 4%. Elsewhere, a global retreat from risk was heightened following weak quarterly results and guidance from Oracle, reigniting fears of a technology bubble driven by artificial intelligence. This development pressured tech stocks worldwide, with major player Shopify experiencing a decline of around 2.5%. Concurrently, the BoC maintained its policy rate at 2.25%, while the Fed enacted a rate reduction of 25 basis points. However, the prospect of further monetary easing remains uncertain due to existing data gaps, continued inflationary pressures, and an anticipated leadership transition within the central bank.